As of February 21, 2025, the Cboe Volatility Index (VIX) was reported at 15.50, with the 10-year Treasury yield at 4.50%. Recent trading activity indicates a controlled environment for the S&P 500 Index (SPX), currently at 6118. Options positioning shows a call-dominated market, with a notable increase in net gamma exposure by 4.93% since the previous day. Call volume surged by 23.94%, reaching 632.9K contracts, while put volume also increased significantly. Market participants are closely monitoring key levels, including a call wall at 6145 and a gamma flip at 6104. Additionally, over $1.7 trillion in notional open interest related to SPX and SPY options contracts is set to expire or roll into the March cycle, potentially resetting dealer gamma exposure. The implied volatility (IV) remains low at 11.82%, while realized volatility (HV) is slightly higher at 12.24%.